Saab, which has been making cars since 1947 and known for quirky designs, and questionable reliability has a rabid fan base. In recent years the company was sold by General Motors to a Dutch group, and quickly sent into bankruptcy.

Most fans thought all was lost when no one appeared to be coming forth to rescue the brand. But now comes word that a Chinese-born Swedish investor with Japanese support has agreed to buy the auto brand and bring it back to life as a maker of electric cars.

Bankruptcy administrators are reported as saying they have chosen a consortium called National Electric Vehicle Sweden (NEVS) AB to buy Saab.

"Through the purchase of Saab we begin a new era in the auto industry," NEVS chief executive and main owner Kai Johan Jiang told a news conference.

The company wants to reintroduce Saab as an electric car company on a global basis, with an initial focus on China. A new car, based on the recent Saab 9-3 will be launched at the end of 2013/early 2014. Reports are that a completely new model based on Japanese technology is forthcoming.

"Saab has risen again," said Paul Akerlund, the mayor of Trollhattan and a former union boss at Saab.